Strategy Gobbles Up March Corporate Bitcoin Supply—STRC Volume Hits $746M as Company Files for $42B More

Strategy continued its legendary BTC accumulation in March, purchasing 44,377 bitcoin and now holding 762,099 BTC—roughly two-thirds of all bitcoin owned by publicly traded companies. The company's appetite makes a Las Vegas buffet look like a child's play kitchen.

The buying spree cost roughly $3 billion, including a single-week purchase of 22,337 BTC disclosed on March 16. That buy was funded by $1.57 billion raised through STRC and MSTR at-the-market sales from March 9 to 15. The machine that prints preferred shares to buy bitcoin continues humming along like a well-oiled degen printer.

STRC, Strategy's variable-rate perpetual preferred share product targeting an annual dividend near 11.5%, recorded its highest single-day trading volume on March 12 at $746 million. March 31 produced the second-largest daily volume on record at $522 million, while weekly volume reached $2.27 billion for the week of March 9 to 13. Apparently, yield chasers showed up to the party in force.

The company filed to raise an additional $42 billion through a new ATM program split evenly between STRC and MSTR common stock, plus $2.1 billion in STRK. Bitcointreasuries.net projects that if Strategy issues that full amount over 19 months at roughly 31,000 BTC per month, it could cross 1 million BTC in holdings by November 2026. A more conservative estimate, based on Strategy's average monthly purchases of 21,000 BTC from January 2025 through March 2026, points to the company reaching that milestone around March 2027. The researchers note Strategy has not publicly set a 1 million BTC target or any specific acquisition deadline. Somewhere, a sixteen-year-old with a calculator is running these numbers on their phone, wondering why publicly traded companies are out-BTCing their entire nation-state models.

The leaderboard beyond Strategy saw notable reshuffling. MARA Holdings sold 15,133 BTC, worth approximately $1.1 billion, to repurchase convertible senior notes. That sale dropped MARA below Twenty One Capital, which now holds 43,514 BTC and ranks second among public bitcoin treasury companies. Metaplanet added 5,075 BTC in early April, bringing its holdings to 40,177 BTC and placing it third, ahead of MARA. The post-Meek obfuscation trade continues as companies attempt to climb the treasury rankings while pretending they're not just copying Strategy's homework.

Gamestop pledged 4,709 BTC as collateral in a covered call arrangement with Coinbase Credit,